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Billions for the Bankers Debts for the People 

The Real Story of the Money-Control Over America 

by Sheldon Emry 

"If the American people ever allow private hanks 
to control the issue of their money, first by infla- 
tion and then by deflation, the banks and corpo- 
rations that will grow up around them (around 
the banks), will deprive the people of their prop- 
erty until their children will wake up homeless 
on the continent their fathers conquered. " 

Thomas Jefferson 

Americans, living in what is called the richest 
nation on earth, seem always to be short of 
money. Wives are working in unprecedented 
numbers, husbands hope for overtime hours to 
earn more, or take part-time jobs evenings and 
weekends, children look for odd jobs for spending 
money, the family debt climbs higher, and psy- 
chologists say one of the biggest causes of family 
quarrels and breakups is "arguments over 
money." Much of this trouble can be traced to our 
present "debt-money" system. Too few 
Americans realize why Christian Statesmen 
wrote into Article I of the U.S. Constitution: 
Congress shall have the Power to Coin Money 
and Regulate the Value Thereof. 

They did this, as we will show, in prayerful hope 
it would prevent "love of money" from 
destroying the Republic they had founded. We 
shall see how subversion of Article I has brought 
on us the "evil" of which God's Word had warned. 


Economists use the term "create" when speaking 
of the process by which money comes into exis- 
tence. Now, creation means making something 
that did not exist before. Lumbermen make 
boards from trees, workers build houses from 
lumber, and factories manufacture automobiles 
from metal, glass and other materials. But in all 
these they did not "create," they only changed 
existing materials into a more usable and, there- 
fore, more valuable form. This is not so with 
money. Here, and here alone, man actually "cre- 
ates" something out of nothing. A piece of paper 
of little value is printed so that it is worth a piece 
of lumber. With different figures it can buy the 
automobile or even the house. Its value has been 
"created" in the true meaning of the word 


As is seen by the above, money is very cheap to 
make, and whoever does the "creating" of money 
in a nation can make a tremendous profit! 
Builders work hard to make a profit of 5% above 
their cost to build a house. 

Auto makers sell their cars for 1% to 2% above 
the cost of manufacture and it is considered good 
business. But money "manufacturers" have no 
limit on their profits, since s few cents will print 
a $1 bill or a $10,000 bill. 

That profit is part of our story, but first let us 
consider another unique characteristic of the 
thing - money, the love of which is the "root of all 


An adequate supply of money is indispensable to 
civilized society. We could forego many other 
things, but without money industry would grind 
to a halt, farms would become only self-sustain- 
ing units, surplus food would disappear, jobs 
requiring the work of more than one man or one 
family would remain undone, shipping, and 
large movements of goods would cease, hungry 
people would plunder and kill to remain alive, 
and all government except family or tribe would 
cease to function. 

An overstatement, you say? Not at all. Money is 
the blood of civilized society, the means of all 
commercial trade except simple barter. It is the 
measure and the instrument by which one prod- 
uct is sold and another purchased. Remove 
money or even reduce the supply below that 
which is necessary to carry on current levels of 
trade, and the results are catastrophic. For an 
example, we need only look at America's 
Depression of the early 1930's. 


In 1930 America did not lack industrial capacity, 
fertile-farm land, skilled and willing workers or 
industrious farm families. It had an extensive 
and highly efficient transportation system in 
railroads, road networks, and inland and ocean 


waterways. Communications between regions 
and localities were the best in the world, utiliz- 
ing telephone, teletype, radio, and a well-operat- 
ed government mail system. No war had ravaged 
the cities or the countryside, no pestilence weak- 
ened the population, nor had famine stalked the 
land. The United States of America in 1930 
lacked only one thing: an adequate supply of 
money to carry on trade and commerce. In the 
early 1930's, Bankers, the only source of new 
money and credit, deliberately refused loans to 
industries, stores and farms. 

Payments on existing loans were required how- 
ever, and money rapidly disappeared from circu- 
lation. Goods were available to be purchased, 
jobs waiting to be done, but the lack of money 
brought the nation to a standstill. By this simple 
ploy America was put in a "depression" and the 
greedy Bankers took possession of hundreds of 
thousands of farms, homes, and business prop- 
erties. The people were told, "times are hard," 
and "money is short." Not understanding the 
system, they were cruelly robbed of their earn- 
ings, their savings, and their property. 



World War II ended the "depression." The same 
Bankers who in the early 30's had no loans for 
peacetime houses, food and clothing, suddenly 
had unlimited billions to lend for Army barracks, 
K-rations and uniforms! A nation that in 1934 
couldn't produce food for sale, suddenly could 
produce bombs to send free to Germany and 
Japan! (More on this riddle later.) 

With the sudden increase in money, people were 
hired, farms sold their produce, factories went to 
two shifts, mines re-opened, and "The Great 
Depression" was over! Some politicians were 
blamed for it and others took credit for ending it. 
The truth is the lack of money (caused by the 
Bankers) brought on the depression, and ade- 
quate money ended it. The people were never 
told that simple truth and in this article we will 
endeavor to show how these same Bankers who 
control our money and credit have used their 
control to plunder America and place us in 


When we can see the disastrous results of an 
artificially created shortage of money, we can 
better understand why out Founding Fathers, 
who understood both money and God's Laws, 

insisted on placing the power to "create" money 
and the power to control it ONLY in the hands of 
the Federal Congress. They believed that ALL 
citizens should share in the profits of its "cre- 
ation" and therefore the national government 
must be the ONLY creator of money. They fur- 
ther believed that ALL citizens, of whatever 
State or Territory, or station in life would benefit 
by an adequate and stable currency and there- 
fore, the national government must also be, by 
law, the ONLY controller of the value of money. 

Since the Federal Congress was the only legisla- 
tive body subject to all the citizens at the ballot 
box, it was, to their minds, the only safe deposi- 
tory of so much profit and so much power. They 
wrote it out in the simple, but all-inclusive: 
"Congress shall have the Power to Coin Money 
and Regulate the Value Thereof." 


Instead of the Constitutional method of creating 
our money and putting it into circulation, we 
now have an entirely unconstitutional system. 
This has resulted in almost disastrous condi- 
tions, as we shall see. 

Since our money was handled both legally and 
illegally before 1913, we shall consider only the 
years following 1913, since from that year on, 
ALL of our money has been created and issued 
by an illegal method that will eventually destroy 
the United States if it is not changed. Prior to 
1913, America was a prosperous, powerful, and 
growing nation, at peace with its neighbors and 
the envy of the world. But - in December of 1913, 
Congress, with many members away for the 
Christmas holidays, passed what has since been 
known as the FEDERAL RESERVE ACT. (For 
the full story of how this infamous legislation 
was forced through our Congress, read Conquest 
or Consent, by W. B. Vennard). Omitting the bur- 
densome details, it simply authorized the estab- 
lishment of a Federal Reserve Corporation, with 
a Board of Directors (The Federal Reserve 
Board) to run it, and the United States was 
divided into 12 Federal Reserve "Districts." 

This simple, but terrible, law completely 
removed from Congress the right to "create" 
money or to have any control over its "creation," 
and gave that function to the Federal Reserve 
Corporation. This was done with appropriate 
fanfare and propaganda that this would "remove 
money from politics" (they didn't say "and there- 
fore from the people's control") and prevent 
"Boom and Bust" from hurting our citizens. The 


people were not told then, and most still do not 
know today, that the Federal Reserve 
Corporation is a private corporation controlled 
by bankers and therefore is operated for the 
financial gain of the bankers over the people 
rather than for the good of the people. The word 
"Federal" was used only to deceive the people. 


Since that "day of infamy," more disastrous to us 
than Pearl Harbor, the small group of "privi- 
leged" people who lend us "our" money have 
accrued to themselves all of the profits of print- 
ing our money' - and more! Since 1913 they have 
"created" tens of billions of dollars in money and 
credit, which, as their own personal property, 
they then lend to our government and our people 
at interest. "The rich get richer and the poor get 
poorer" had become the secret policy of our 
National Government. An example of the process 
of "creation" and its conversion to people's "debt" 
will aid our understanding. 


We shall start with the need for money. The 
Federal Government, having spent more than it 
has taken from its citizens in taxes, needs, for 
the sake of illustration, $1,000,000,000. Since it 
does not have the money, and Congress has 
given away its authority to "create" it, the 
Government must go the "creators" for the $1 
billion. But, the Federal Reserve, a private cor- 
poration, doesn't just give its money away! The 
Bankers are willing to deliver $1,000,000,000 in 
money or credit to the Federal Government in 
exchange for the Government's agreement to pay 
it back - with interest! So Congress authorizes 
the Treasury Department to print 
$1,000,000,000 in U.S. Bonds, which are then 
delivered to the Federal Reserve Bankers. 

The Federal Reserve then pays the cost of print- 
ing the $1,000,000,000 (about $1,000) and 
makes the exchange. The Government then uses 
the money to pay its obligations. What are the 
results of this fantastic transaction? Well, $ 1 bil- 
lion in Government bills are paid all right, but 
the Government has now indebted the people to 
the Bankers for $1 billion on which the people 
must pay interest! Tens of thousands of such 
transactions have taken place since 1913 so that 
by the 1980's, the U.S. Government is indebted, 
to the Bankers for over $1,000,000,000,000 (tril- 
lion) on which the people pay over $100 billion a 
year in interest alone with no hope of ever pay- 

ing off the principal. Supposedly our children 
and following generations will pay forever and 


You say, "This is terrible!" Yes, it is, but we have 
shown only part of the sordid story. Under this 
unholy system, those United States Bonds have 
now become "assets" of the Banks in the Reserve 
System which they then use as "reserves" to 
"create" more "credit" to lend. Current "reserve" 
requirements allow them to use that $1 billion in 
bonds to "create" as much as $15 billion in new 
"credit" to lend to States, Municipalities, to indi- 
viduals and businesses. Added to the original $1 
billion, they could have $16 billion of "created 
credit" out in loans paying them interest with 
their only cost being $1,000 for printing the orig- 
inal $1 billion! Since the U.S. Congress has not 
issued Constitutional money since 1863 (over 
100 years), in order for the people to have money 
to carry on trade and commerce they are forced 
to borrow the "created credit" of the Monopoly 
Bankers and pay them usury-interest! 


In addition to the vast wealth drawn to them 
through this almost unlimited usury, the 
Bankers who control the money at the top are 
able to approve or disapprove large loans to 
large and successful corporations to the extent 
that refusal of a loan will bring about a reduc- 
tion in the price that that Corporation's stock 
sells for on the market. After depressing the 
price, the Bankers' agents buy large blocks of the 
stock, after which the sometimes multi-million 
dollar loan is approved, the stock rises, and is 
then sold for a profit. In this manner billions of 
dollars are made with which to buy more stock. 
This practice is so refined today that the Federal 
Reserve Board need only announce to the news- 
papers an increase or decrease in their "redis- 
count rate" to send stocks up and down as they 
wish. Using this method since 1913, the Bankers 
and their agents have purchased secret or open 
control of almost every large corporation in 
America. Using that control, they then force the 
corporations to borrow huge sums from their 
banks so that corporation earnings are siphoned 
off in the form of interest to the banks. This 
leaves little as actual "profits" which can be paid 
as dividends and explains why stock prices are 
so depressed, while the banks reap billions in 
interest from corporate loans. In effect, the 
bankers get almost all of the profits, while indi- 
vidual stockholders are left holding the bag. 


The millions of working families of America are 
now indebted to the few thousand Banking 
Families for twice the assessed value of the 
entire United States. And these Banking 
Families obtained that debt against us for the 
cost of paper, ink, and bookkeeping! 


The only way new money (which is not true 
money, but is "credit" representing a debt), goes 
into circulation in America is when it is bor- 
rowed from Bankers. When the State and people 
borrow large sums, we seem to prosper. 
However, the Bankers "create" only the amount 
of the principal of each loan, never the extra 
amount needed to pay the interest. Therefore, 
the new money never equals the new debt added. 
The amounts needed to pay the interest on loans 
is not "created," and therefore does not exist! 

Under this kind of a system, where new debt 
always exceeds the new money no matter how 
much or how little is borrowed, the total debt 
increasingly outstrips the amount of money 
available to pay the debt. The people can never, 
ever get out of debt! 

An example will show the viciousness of this 
usury-debt system with its "built-in" shortage of 

IF $60,000 IS BORROWED, 
$255,931.20 MUST BE PAID BACK 

When a citizen goes to a Banker to borrow 
$60,000 to purchase a home or a farm, the Bank 
clerk has the borrower agree to pay back the 
loan plus interest. At 14% interest for 30 years, 
the Borrower must agree to pay $710.92 per 
month for a total of $255,931.20. The clerk then 
requires the citizen to assign to the Banker the 
right of ownership of the property if the 
Borrower does not make the required payments. 
The Bank clerk then gives the Borrower a 
$60,000 check or a $60,000 deposit slip crediting 
the Borrower's checking account with $60,000. 

The Borrower then writes checks to the builder, 
subcontractors, etc., who in turn write checks. 
$60,000 of new "checkbook" money is thereby 
added to "money in circulation." 

However, and this is the fatal flaw in a usury 
system, the only new money created and put into 
circulation is the amount of the loan, $60,000. 
The money to pay the interest is NOT created, 
and therefore was NOT added to "money in cir- 


Even so, this Borrower (and those who follow 
him in ownership of the property) must earn and 
almost $200,000 MORE than he put IN CIRCU- 
LATION when he borrowed the original $60,000! 
(By the way, it is this interest which cheats all 
families out of nicer homes. It is not that they 
can't afford them; it is because the Banker's 
usury forces them to pay for 4 homes to get one!) 

Every new loan puts the same process in opera- 
tion. Each borrower adds a small sum to the 
total money supply when he borrows, but the 
payments on the loan (because of interest) then 
deduct a much LARGER sum from the total 
money supply. 

There is therefore no way all debtors can pay off 
the money-lenders. As they pay the principal 
and interest, the money in circulation disap- 
pears. All they can do is struggle against each 
other, borrowing more and more from the 
money-lenders each generation. The money- 
lenders (Bankers), who produce nothing of value, 
slowly, then more rapidly, gain a death grip on 
the land, buildings, and present and future earn- 
ings of the whole working population. Proverbs 
22:7 has come to pass in America. The borrowers 
have become the servants of the lenders. No 
wonder God Almighty forbids interest on loans. 


If you haven't quite grasped the impact of the 
above, let us consider a small auto loan for 3 
years at 18% interest. Step 1: Citizen borrows 
$5,000 and pays it into circulation (it goes to the 
dealer, factory, miner, etc.) and signs a note 
agreeing to pay the Banker $6,500. Step 2: 
Citizen pays $180 per month of his earnings to 
the Banker. In 3 years he will take OUT of cir- 
culation $1,500 more than he put IN circulation. 

Every loan of Banker "created" money (credit) 
causes the same thing to happen. Since this has 
happened millions of times since 1913 (and con- 
tinues today), you can see why America has gone 
from a prosperous, debt-free nation to a debt- 
ridden nation where practically every home, 
farm and business is paying usury-tribute to 
some Banker. The usury-tribute to the Bankers 
on personal, local, State and Federal debt totals 
more than the combined earnings of 25% of the 
working people. Soon it will be 50% and contin- 
ue up. 



In the millions of transactions made each year 
like those above, little actual currency changes 
hands, nor is it necessary that it do so. 95% of all 
"cash" transactions in the U.S. are by check, so 
the Banker is perfectly safe in "creating" that so- 
called "loan" by writing the check or deposit slip, 
not against actual money, but AGAINST YOUR 
PROMISE TO PAY IT BACK! The cost to him is 
paper, ink and a few dollars in salaries and office 
costs for each transaction. It is "check-kiting" on 
an enormous scale. The profits increase rapidly, 
year after year, as shown below. 

These are a few taken from Arizona newspapers 
in January, 1979. 

Valley Bank posts 49% gain in profits 

Gains of 49 percent in net income and 51 percent 
in operating income were posted last year by 
Valley National Bank. 

Those gains brought net income to $33,969,-000' 
in the year ended Dec. .31 and operating income 
to $34,459,000. The year before those totals were 
$22,836,000 and $22,807,000 respectively. 

Bank's profits rise 21% 

Arizona Bank announced on Monday it had 
achieved a 21.2 percent increase in net income in 
1978 over 1977. On the basis of operating 
income, excluding the 1977 sale of the Arizona 
Bank Building for $1,336,369, the bank said the 
increase was 43.9 percent. 

Tostenrud said loans and deposits increased in 
the last year: Deposits 18.8 percent to $1,353 bil- 
lion and loans 21.9 percent to $951 million. 


In 1910 the U.S. Federal debt was only $1 bil- 
lion, or $12.40 per citizen. State and local debts 
were practically non-existent. 

By 1920, after only 6 years of Federal Reserve 
shenanigans, the Federal debt had jumped to 
$24 billion, or $226 per person. 

In 1960 the Federal debt reached $284 billion, or 
$1,575 per citizen and State and local debts were 

By 1981 the Federal debt passed $1 trillion and 
was growing exponentially as the Banker's 

tripled the interest rates. State and local debts 
are now MORE than the Federal, and with busi- 
ness and personal debts totaled over $6 trillion, 
3 times the value of all land and buildings in 

If we signed over to the money-leaders all of 
America we would still owe them 2 more 
Americas (plus their usury, of course!) 

However, they are too cunning to take title to 
everything. They will instead leave you with 
some "illusion of ownership" so you and your 
children will continue to work and pay the 
Bankers more of your earnings on ever-increas- 
ing debts. The "establishment" has captured our 
people with their ungodly system of usury and 
debt as certainly as if they had marched in with 
a uniformed army. 


To grasp the truth that periodic withdrawal of 
money through interest payments will inex- 
orably transfer all wealth in the nation to the 
receiver of interest, imagine yourself in a poker 
or dice game where everyone must buy the chips 
(the medium of exchange) from a "banker" who 
does not risk chips in the game, but watches the 
table and every hour reaches in and takes 10% to 
15% of all the chips on the table. As the game 
goes on, the amount of chips in the possession of 
each player will go up and down with his "luck." 

However, the TOTAL number of chips available 
to play the game (carry on trade and business) 
will decrease rapidly. 

The game will get low on chips, and some will 
run out. If they want to continue to play, they 
must buy or borrow them from the "banker." The 
"banker" will sell (lend) them ONLY if the play- 
er signs a "mortgage" agreeing to give the 
"banker" some real property (car, home, farm, 
business, etc.) if he cannot make periodic pay- 
ments to pay back all of the chips plus some 
EXTRA ones (interest). The payments must be 
made on time, whether he wins (makes a profit) 
or not. 

It is easy to see that no matter how skillfully 
they play, eventually the "banker" will end up 
with all of his original chips back, and except for 
the very best players, the rest, if they stay in 
long enough, will lose to the "banker" their 
homes, their farms, their businesses, perhaps 
even their cars, watches, rings, and the shirts off 
their backs! 


Our real-life situation is MUCH WORSE than 
any poker game. In a poker game none is forced 
to go into debt, and anyone can quit at any time 
and keep whatever he still has. But in real life, 
even if we borrow little ourselves from the 
Bankers, the local, State, and Federal govern- 
ments borrow billions in our name, squander it, 
then confiscate our earnings from us and pay it 
back to the Bankers with interest. We are forced 
to play the game, and none can leave except by 
death. We pay as long as we live, and our chil- 
dren pay after we die. If we cannot pay, the same 
government sends the police to take our proper- 
ty and give it to the Bankers. The Bankers risk 
nothing in the game; they just collect their per- 
centage and "win it all." In Las Vegas and at 
other gambling centers, all games are "rigged" to 
pay the owner a percentage, and they rake in 
millions. The Federal Reserve Bankers' "game" 
is also rigged, and it pays off in billions! 

In recent years Bankers added real "cards" to 
their 'game. "Credit" cards are promoted as a 
convenience and a great boon to trade. Actually, 
they are ingenious devices by which Bankers col- 
lect 2% to 5% of every retail sale from the seller 
and 18% interest from buyers. A real "stacked" 


Democrat, Republican, and Independent voters 
who have wondered why politicians always 
spend more tax money than they take in should 
now see the reason. When they begin to study 
our "debt-money" system, they soon realize that 
these politicians are not the agents of the people 
but are the agents of the Bankers, for whom they 
plan ways to place the people further-in debt. It 
takes only a little imagination to see that if 
Congress had been "creating," and spending or 
issuing into circulation the necessary increase in 
the money supply, THERE WOULD BE NO 
NATIONAL DEBT, and the over $4 Trillion of 
other debts would be practically non-existent. 
Since there would be no ORIGINAL cost of 
money except printing, and no CONTINUING 
costs such as interest, Federal taxes would be 
almost nil. Money, once in circulation, would 
remain their and go on serving its purpose as a 
medium of exchange for generation after gener- 
ation and century after century, just as coins do 
now, with NO payments to the Bankers whatev- 


But instead of peace and debt-free prosperity, we 
have ever-mounting debt and periodic wars. We 

as a people are now ruled by a system of Banker- 
owned Mammon that has usurped the mantle of 
government, disguised itself as our legitimate 
government, and set about to pauperize and con- 
trol our people. It is now a centralized, all-pow- 
erful political apparatus whose main purposes 
are promoting war, spending the peoples' money, 
and propagandizing to perpetuate itself in 
power. Our two large political parties have 
become its servants, the various departments of 
government its spending agencies, and the 
Internal Revenue its collection agency. 

Unknown to the people, it operates in close coop- 
eration with similar apparatuses in other 
nations, which are also disguised as "govern- 
ments." Some, we are told, are friends. Some, we 
are told, are enemies. "Enemies" are built up 
through international manipulations and used 
to frighten the American people into going bil- 
lions of dollars more into debt to the Bankers for 
"military preparedness," "foreign aid to stop 
communism," "minority rights," etc. Citizens, 
deliberately confused by brainwashing propa- 
ganda, watch helplessly while our politicians 
give our food, goods, and money to Banker-con- 
trolled alien governments under the guise of 
"better relations" and "easing tensions." Our 
Banker-controlled government takes our finest 
and bravest sons and sends them into foreign 
wars with obsolete equipment and inadequate 
training, where tens of thousands are murdered, 
and hundreds of thousands are crippled. Other 
thousands are morally corrupted, addicted to 
drugs, and infected with venereal and other dis- 
eases, which they bring back to the United 
States. When the "war" is over, we have gained 
nothing, but we are scores of billions of dollars 
more in debt to the Bankers, which was the rea- 
son for the "war" in the first place! 


The profits from these massive debts have been 
used to erect a complete and almost hidden eco- 
nomic and political colossus over our nation. 
They keep telling us they are trying to do us 
"good," when in truth they work to bring harm 
and injury to our people. These would-be despots 
know it is easier to control and rob an ill, poorly- 
educated and confused people than it is a 
healthy and intelligent population, so they delib- 
erately prevent real cures for diseases, they 
degrade our educational systems, and they stir 
up social and racial unrest. For the same reason 
they favor drug use, alcohol, racial intermar- 
riage, sexual promiscuity, abortion, pornogra- 
phy, and crime. Everything which debilitates the 
minds and bodies of the people is secretly 
encouraged, as it makes the people less able to 


oppose them or even to understand what is being 
done to them. 

Family, morals, love of Country, the Christian 
religion, all that is honorable is being swept 
away, while they try to build their new, sub- 
servient man. Our new "rulers" are trying to 
change our whole racial, social, religious, and 
political order, but they will not change the debt- 
money economic system by which they rob and 
rule. Our people have become tenants and "debt- 
slaves" to the Bankers and their agents in the 
land our fathers conquered. It is conquest 
through the most gigantic fraud and swindle in 
the history of mankind. And we remind you 
again: The key to their wealth and power over us 
is their ability to create "money" out of nothing 
and lend it to us at interest. If they had not been 
allowed to do that, they would never have gained 
secret control of our nation. How true Solomon's 
words are: "The rich ruleth over the poor, and 
the borrower is servant to the lender" (Proverbs 

God Almighty warned in the Bible that one of 
the curses which would come upon His People 
for disobeying His Laws was: The stranger that 
is within thee shall get up above thee very high; 
and thou shalt come down very low. He shall 
lend to thee, and thou shalt not lend to him; he 
shall be the head, and thou shalt be the tail 
[Deut. 28: 44-45], 

Most of the owners of the largest banks in 
America are of Eastern European ancestry and 
connected with the Rothschild European banks. 
Has that warning come to fruition in America? 

Let us now consider the correct method of pro- 
viding the medium of exchange (money) needed 
by our people. 


If we would have used the Constitutional way of 
"creating" the money needed in the nation, the 
Federal Congress would spend most of its time 
and study on the issuance and control of an ade- 
quate supply of stable money for the people. If an 
increase of population and production required 
an increase in the medium of exchange, 
Congress would authorize the "coining," (i.e., 
printing) of the determined amount. Some could 
be used to pay current legitimate expenses of the 
Federal Government, with the balance paid 
directly to the citizens. Records for payment 
would be similar to Social Security records, 
except a citizen would be recorded at birth, 

instead of when he first goes to work. Each per- 
son on the records as of the date of the 
Congressional authorization would receive an 
equal amount just as if he were a stockholder 
holding one' share. Just think - a payment of 
only $20 to each citizen would put $4 billion of 
debt-free and interest-free money into circula- 

Such a suggestion always scares the Bankers. 
Their propagandists will immediately cry, 
"printing press money." and warn that it would 
soon be "worthless" and would "cause inflation." 

The truth is their immense usury chases on their 
"created" credit (our debt) is the sole cause of 
"inflation." All prices on all industry, trade and 
labor must be raised periodically to pay the ever 
increasing usury charges. That is the ONLY 
cause of higher prices, and the money-changers 
spend millions in propaganda to keep you from 
realizing that. 

The money-creators (Bankers) know that if we 
ever tried a Constitutional issue of debt-free, 
interest-free currency, even a limited issue, the 
benefits would be apparent .immediately. That 
they must prevent. Abraham Lincoln was the 
last President to issue such debt-free and inter- 
est-free currency (in 1863) and he was assassi- 
nated shortly thereafter. 


Under a Constitutional system no private banks 
would exist to rob the people. Government banks 
under the control of the people's representatives 
would issue and control all money and credit. 
They would issue not only actual currency, but 
could lend limited credit at no interest for the 
purchase of capital goods, such as homes. A 
$60,000 loan would require only $60,000 repay- 
ment, not $255,931 as it is now. Everyone who 
supplied materials and labor for the home would 
get paid just as they do today, but the Bankers 
would NOT get $195,931inusury, AND THAT IS 

History tells us of debt-free and interest-free 
money issued by governments. The American 
colonies did it in the 1700's and their wealth 
soon rivaled England and brought restrictions 
from Parliament, which led to the Revolutionary 
War. Abraham Lincoln did it in 1863 to help 
finance the Civil War. He was later assassinated 
by an agent of the Rothschild Bank. No debt-free 


or interest-free money has been issued in 
America since then. Several Arab nations issue 
interest-free loans to their citizens today. The 
Saracen Empire for bad interest on money for 
1,000 years, and its wealth outshone even Saxon 
Europe. Mandarin China issued its own money, 
interest-free and debt-free, and historians and 
collectors of art today consider those centuries to 
be China's time of greatest wealth, culture and 

Germany issued debt-free and interest-free 
money from 1935 and on, accounting for its star- 
tling rise from the depression to a world power 
in 5 years. Germany financed its entire govern- 
ment and war operation from 1935 to 1945 with- 
out gold and without debt, and it took the whole 
Capitalist and Communist world to destroy the 
German power over Europe and bring Europe 
back under the heel of the Bankers. Such histo- 
ry of money does not even appear in the text- 
books of public (government) schools today. 

Issuing money which doesn't have to be paid 
back in interest leaves the money available to 
use in the exchange of goods and services and its 
only continuing cost is replacement as the paper 
wears out. Money is the paper ticket by which 
such transfers are made and should always be in 
sufficient quantity to transfer all possible pro- 
duction of the nation to ultimate consumers. 

It is as ridiculous for a nation to say to its citi- 
zens, "You must consume less because we are 
short of money," as it would be for an Airline to 
say "Our planes are flying, but we can't take you 
because we are short of tickets." 


Money, issued in such a way, would derive its 
value in exchange from the fact that it had come 
from the highest legal source in the nation and 
would be declared to be legal to pay all public 
and private debts. Issued by a sovereign nation, 
not in danger of collapse, it would need no gold 
or silver or other so-called "precious" metals to 
back it. As history shows, the stability and 
responsibility of the government issuing it is the 
deciding factor in the acceptance of that govern- 
ment's currency - not gold, silver, or iron buried 
in some hole in the ground. Proof is America's 
currency today. Our gold and silver are practi- 
cally gone, but our currency is accepted. But if 
the government was about to collapse, our cur- 
rency would be worthless. Also, money issued 
through the peoples' legitimate government 
would not be under the control of a privately 
owned corporation whose individual owners ben- 
efit by causing the money amount and value to 

fluctuate and the people to go into debt. 

Under the present debt-usury system, the extra 
burden of usury forces workers and businesses 
to demand more money for the work and goods to 
pay their ever-increasing debts and taxes. This 
increase in prices and wages is called "inflation." 
Bankers, politicians and "economists" blame it 
on everything but the real cause, which is the 
usury levied on money and debt by the Bankers. 
This "inflation" benefits the money-lenders, 
since it wipes out savings of one generation so 
they cannot finance or help the next generation, 
who must then borrow from the money-lenders, 
and pay a large part of their life's labor to the 

With an adequate supply of interest-free money, 
little borrowing would be required and prices 
would be established by people and goods, not by 
debts and usury. 


If the Federal Congress failed to act, or acted 
wrongly, in the supply of money, the citizens 
would use the ballot or recall petition to replace 
those who prevented correct action with others 
whom the people believe would pursue a better 
money policy. Since the creation of money and its 
issuance in sufficient quantity would be one of 
the few functions of Congress, the voter could 
decide on a candidate by his stand on money, 
instead of the hundreds of lesser, and deliberate- 
ly confusing, subjects which are presented to us 
today. And since money is, and would remain, a 
national function, local differences or local fac- 
tions would not be able to sway the people from 
the nation's (citizens') interest. All other prob- 
lems, except the nation's defense, would be 
taken care of in the State, County, or City gov- 
ernments where they are best handled and most 
easily corrected. 

An adequate national defense would be provided 
by the same citizen-controlled Congress, and 
there would be no Bankers behind the scenes, 
bribing politicians to give $200 billion of 
American military equipment to other nations, 
disarming us, while alien nations prepare to 
attack and invade the United States of America. 


With debt-free and interest-free money, there 
would be no high and confiscatory taxation, our 
homes would be mortgage free with no $10,000- 
a-year payments to the Bankers, nor would they 
get $1,000 to $2,500 per year from every auto- 
mobile on our roads. We would need no "easy 


payment" plans, "revolving" charge accounts, 
loans to pay medical or hospital bills, loans to 
pay taxes, loans to pay for burials, loans to pay 
loans, nor any of the thousand and one usury- 
bearing loans which now suck the life-blood of 
American families. There would be no unem- 
ployment, divorces caused by debt, destitute old 
people, or mounting crime, and even the so- 
called "deprived" classes would be deprived of 
neither job nor money to buy the necessities of 

Criminals could not become politicians, nor 
would politicians become criminals in the pay of 
the Money-lenders. Our officials, at all govern- 
ment levels, would be working for the people 
instead of devising means to spend more money 
to place us further in debt to the Bankers. We 
would get out of the entangling foreign alliances 
that have engulfed us in four major wars and 
scores of minor wars since the Federal Reserve 
Act was passed, alliances which are now used to 
prevent America from preparing her own 
defense in the face of mounting danger from 
alien powers. 

A debt-free America would mean mothers would 
not have to work. With mother at home, juvenile 
delinquency would decrease rapidly. The elimi- 
nation of the usury and debt would be the equiv- 
alent of a 50% raise in the purchasing power of 
every worker. With this cancellation of all debts, 
the return to the people of all the property and 
wealth the parasitic Bankers and their quasi- 
legal agents have stolen by usury and fraud, and 
the ending of their theft of $300 Billion (or more) 
every year from the people, America would be 
prosperous and powerful beyond the wildest 
dreams of its citizens today. And we would be at 
peace! (For a Bible example of cancellation of 
debts to money lenders and restoration of prop- 
erty and money to the people, read Nehemiah 5: 


We realize this small, and necessarily incom- 
plete, article on money may be charged with 
oversimplification. Some may say that if it is 
that simple the people would have known about 
it, and it could not have happened. But this 
MONEY-LENDERS’ consPIRACY is as old as 
Babylon, and even in America it dates far back 
before the year 1913. Actually, 1913 may be con- 
sidered the year in which their previous plans 
came to fruition, and the way opened for com- 
plete economic conquest of our people. The 
consPIRACY is old enough in America so that its 
agents have been, for many years, in positions 

such as newspaper publishers, editors, colum- 
nists, church ministers, university presidents, 
professors, textbook writers, labor union leaders, 
movie makers, radio and TV commentators, 
politicians from school board members to U.S. 
presidents, and many others. 


These agents control the information available 
to our people. They manipulate public opinion, 
elect whom they will locally and nationally, and 
never expose the crooked money system. They 
promote school bonds, municipal bonds, expen- 
sive and detrimental farm programs, "urban 
renewal," foreign aid, and many other schemes 
which will put the people more into debt to the 
Bankers. Thoughtful citizens wonder why bil- 
lions are spent on one program and billions on 
another which may duplicate it or even nullify it, 
such as paying some farmers not to raise crops, 
while at the same time building dams or canals 
to irrigate more farm land. Crazy or stupid? 
Neither. The goal is more debt. Thousand of gov- 
ernment-sponsored ways to waste money go on 
continually. Most make no sense, but they are 
never exposed for what they really are, builders 
of "billions for the bankers and debts for the peo- 

So-called "economic experts" write syndicated 
columns in hundreds of newspapers, craftily 
designed to prevent the people from learning the 
simple truth about our money system. 
Commentators on radio and TV, preachers, edu- 
cators, and politicians blame the people as 
wasteful, lazy, or, spend-thrift, and blame the 
workers, and consumers for the increase in debts 
and the inflation of prices, when they know the 
cause is the debt-money system itself. Our peo- 
ple are literally drowned in charges and counter- 
charges designed to confuse them and keep them 
from understanding the unconstitutional and 
evil money-system that is so efficiently and 
silently robbing the farmers, the workers, and 
the businessmen of the fruits of their labors and 
of their freedoms. 

When some few Patriotic people or organizations 
who know the truth begin to expose them or try 
to stop any of their mad schemes, they are 
ridiculed and smeared as "right-wing extrem- 
ists," "super-patriots," "ultra-rightists," "bigots," 
"racists," even "fascists" and "anti-Semites." Any 
name is used which will cause them to shut up 
or will at least stop other people from listening 
to the warning they are giving. Articles and 
books such as you are now reading are kept out 
of schools, libraries, and book stores. 


Some, who are especially vocal in their exposure 
of the treason against our people, are harassed 
by government agencies such as the EPA, OSHA, 
the IRS, and others, causing them financial loss 
or bankruptcy. Using the above methods, they 
have been completely successful in preventing 
most Americans from learning the things you 
have read in this pamphlet. However, in spite of 
their control of information, they realize many 
citizens are learning the truth. Therefore, to pre- 
vent violence or armed resistance to their plun- 
der of America, they plan to register all firearms 
and eventually to disarm all citizens. They have 
to eliminate most guns, except those in the 
hands of their government police and army. 


The "almost hidden" conspirators in politics, reli- 
gion, education, entertainment, and the news 
media are working for a Banker-owned United 
States in a Banker-owned world under a 
Banker-owned World Governments! 

Love of Country, compassion for your Race, and 
concern for your children should make you 
deeply interested in this, America's greatest 
problem, for our generation has not suffered 
under the "yoke" as the coming generations will. 
Usury and taxes will continue to take a larger 
and larger part of the annual earnings of the 
people and put them into the pockets of the 
Bankers and their political Agents. Increasing 
"government" regulations will prevent citizen 
protest and opposition to their control. Is it pos- 
sible that your grandchildren will own neither 
home nor car 1 , but will live in "government- 
owned" apartments and ride to work in "govern- 
ment-owned" buses (both paying usury to the 
their Rulers wallow in luxury? In Asia and east- 
ern Europe it is called "communism;" in America 
it is called "Democracy" and "Capitalism." 

America will not shake off her Banker-controlled 
dictatorship as long as the people are ignorant of 
the hidden controllers. International financiers, 
who control most of the governments of the 
nations, and most sources of information, seem 
to have us completely within their grasp. They 
are afraid of only one thing: an awakened 
Patriotic Citizenry, armed with the truth, and 
with a trust, in Almighty God for deliverance. 
This pamphlet has given you the truth about 
their iniquitous system. What you do with it is in 
your hands, as in the hands of Divine 
Providence. "The fear of man bringeth a snare; 

but whoso putteth his trust in the Lord shall be 
safe (Proverbs 29: 25). 

May Jesus Christ both enlighten and have 
mercy on America 



The Federal Reserve has never been audited by 
the government since it took over our money and 
credit in 1913. In 1975 a bill, H.R. 4316, to 
require an audit was introduced in Congress. 

During the April, 1975 hearings, this author 
submitted a statement favoring the audit, as did 
many others. Due to pressure from the money 
controllers, it was not passed. No audit of the 
Fed has ever been made. 


Why haven't they told you about this scandal - 
the greatest fraud in history which has caused 
Americans and others to spill oceans of blood, 
pay trillions of dollars interest on fraudulent 
loans and burden themselves with unnecessary 

Who are "they"? "They" are all of the politicians 
of the two old parties and elected officials. All 
"educational" groups like the League of Women 
Voters, the Heritage Foundation and the 
American Civil Liberties Union (ACLU). All 
news services, such as the Associated Press and 
the United Press International. All daily news- 
papers, including the New York "Times" and Los 
Angeles "Times." All weekly "news" magazines, 
such as "Time" and "Newsweek." All economics 
and history professors at all colleges and univer- 
sities. All financial newsletter publishers. All 
labor leaders. All televangelists, your local min- 
ister, priest or rabbi. All of the above and more 
are hiding the truth from you. 


tem of banking [is] a blot left in all our 
Constitutions, which, if not covered, will end in 
their destruction... I sincerely believe that bank- 
ing institutions are more dangerous than stand- 
ing armies; and that the principle of spending 
money to be paid by posterity... is but swindling 
futurity on a large scale." 

controls the volume of money in any country is 


absolute master of all industry and commerce". 

Federal Reserve(Banks) are one of the most cor- 
rupt institutions the world has ever seen. There 
is not a man within the sound of my voice who 
does not know that this Nation is run by the 
International Bankers". 

HORACE GREELEY: "While boasting of our 
noble deeds were careful to conceal the ugly fact 
that by an iniquitous money system we have 
nationalized a system of oppression which, 
though more refined, is not less cruel than the 
old system of chattel slavery. 

THOMAS A. EDISON: "People who will not turn 
a shovel full of dirt on the project (Muscle Shoals 
Dam) nor contribute a pound of material, will 
collect more money from the United States than 
will the People who supply all the material and 
do all the work. This is the terrible thing about 
interest ...But here is the point: If the Nation can 
issue a dollar bond it can issue a dollar bill. The 
element that makes the bond good makes the bill 
good also. The difference between the bond and 
the bill is that the bond lets the money broker 
collect twice the amount of the bond and an addi- 
tional 20%. Whereas the currency, the honest 
sort provided by the Constitution pays nobody 
but those who contribute in some useful way. It 
is absurd to say our Country can issue bonds and 
cannot issue currency. Both are promises to pay, 
but one fattens the usurer and the other helps 
the People. If the currency issued by the People 
were no good, then the bonds would be no good, 
either. It is a terrible situation when the 
Government, to insure the National Wealth, 
must go in debt and submit to ruinous interest 
charges at the hands of men who control the fic- 
titious value of gold. Interest is the invention of 

industrial Nation is controlled by its system of 
credit. Our system of credit is concentrated. The 
growth of the Nation and all our activities are in 
the hands of a few men. We have come to be one 
of the worst ruled, one of the most completely 
controlled and dominated Governments in the 
world - no longer a Government of free opinion 
no longer a Government by conviction and vote 

of the majority, but a Government by the opinion 
and duress of small groups of dominant men". 
(Just before he died, Wilson is reported to have 
stated to friends that he had been "deceived" and 
that "I have betrayed my Country". He referred 
to the Federal Reserve Act passed during his 

SIR JOSIAH STAMP, (President of the Bank of 
England in the 1920's, the second richest man in 
Britain): "Banking was conceived in iniquity and 
was born in sin. The Bankers own the earth. 
Take it away from them, but leave them the 
power to create deposits, and with the flick of the 
pen they will create enough deposits to buy it 
back again. However, take it away from them, 
and all the great fortunes like mine will disap- 
pear and they ought to disappear, for this would 
be a happier and better world to live in. But, if 
you wish to remain the slaves of Bankers and 
pay the cost of your own slavery, let them con- 
tinue to create deposits". 

MAJOR L .L. B. ANGUS: "The modern Banking 
system manufactures money out of nothing. The 
process is perhaps the most astounding piece of 
sleight of hand that was ever invented. Banks 
can in fact inflate, mint and unmint the modern 
ledger-entry currency". 

RALPH M. HAWTREY (Former Secretary of the 
British Treasury): "Banks lend by creating cred- 
it. They create the means of payment out of 

ROBERT H HEMPHILL (Credit Manager of 
Federal Reserve Bank, Atlanta, Ga.): "This is a 
staggering thought. We are completely depend- 
ent on the commercial Banks. Someone has to 
borrow every dollar we have in circulation, cash 
or credit. If the Banks create ample synthetic 
money we are prosperous; if not, we starve. We 
are absolutely without a permanent money sys- 
tem. When one gets a complete grasp of the pic- 
ture, the tragic absurdity of our hopeless posi- 
tion is almost incredible, but there it is. It is the 
most important subject intelligent persons can 
investigate and reflect upon. It is so important 
that our present civilization may collapse unless 
it becomes widely understood and the defects 
remedied very soon". 



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